CAMBRIDGE, Mass., June 11, 2013 /PRNewswire/ -- Endeavor Power
Corporation ("Endeavor Power" or the "Company") (OTCQB: EDVP)
provides corrections to two separate press releases issued by the
Company on January 9, 2013, with the
headline "Endeavor Power Corporation Outlines Its New Target
market, Its Size and Projected Growth," and March 8, 2013, with the headline "Endeavor Power
Corporation Introduces Its Proprietary FDA Cleared Target System
Platform Technology".
The January 9, 2013, Press Release
referenced that the "point-of-care testing ("POCT") market has been
predicted to reach a total market value of $34.6 billion by 2021, according to a recent
report published by Kalorama Information". The correct source
for the information was the not Kalorama Information but the "Point
of Care Diagnostics: World Market Outlook, 2011-2021", published in
December 2011 by Visiongain, a UK
based business information provider. The market data in the
January 9, 2013, Press Release
following paragraph, "With the ability to help reduce healthcare
costs while simultaneously improving patient care, POCT represent a
significant and growing share of the global in vitro diagnostics
("IVD") market, according to the marketing research firm Kalorama.
In 2010 the value of the POCT market was $13.4 billion and grew to $13.8 billion in 2011. Over the five-year period
to 2016 the market is expected to experience a compound annual
growth rate (CAGR) of 3.7%, to further increase its value to
$16.5 billion." was sourced from
August 31, 2010, The Worldwide Market
for In Vitro Diagnostics 7th Edition published by
Kalorama Information.
The March 8, 2013, Press Release
contained multiple conflicting statements regarding the Company's
technology and intellectual property. The Release stated
under the paragraph header "controlled Flow-Through Rapid
Immunoassay Test" that "Endeavor's US Patent Pending Target System
Diagnostic Platform…" and that the that the vacuum pump component
of the system was "patented," and then later referred to the vacuum
pump as "the unique vacuum pump" and then later referred to the
Platform as "Patented Platform" instead of "US Patent Pending
Platform".
The Company's intellectual property and diagnostic testing
platform was patented, but all issued patents have since expired or
been abandoned. The Company has filed 3 USPTO Application's,
which are currently published and patent pending, and one US and
International Patent Application currently pending.
The Company would like to formally correct the March 8, 2013 Press Release and eliminate the
word "patented" and instead use the word "unique". Additional
information on the Company's Patents and FDA 510(k) Cleared tests
can be found in its public filings at EDGAR.com
ABOUT ENDEAVOR POWER CORPORATION
Endeavor Power Corp is a fully reporting Nevada corporation. The Company is
headquartered in Cambridge, MA.
Parallax Diagnostics, Ltd ("Endeavor") is a bio-medical company
focused on infectious diseases, which owns a line of FDA, approved
Point of Care diagnostic tests on a single proprietary platform.
Endeavor is developing a novel, handheld diagnostic testing system
that is simple, rapid and elegant, offering the potential to
transform the diagnostic landscape by transitioning critical tests
from the centralized lab directly to the hands of the physician or
clinicians. Our focus is on tests that detect and/or monitor
infectious diseases. The Company's tests combine innovative
technologies that provide accessible, practical and rapid point of
care in vitro diagnostics are based on the Company's Target System,
its FDA Approved Platform that centered on the Target System
VT1000, an FDA Approved bench top fluorescence immunoassay spectrum
analyzer and its innovative flow through Target System test
cartridges. For more information: www.endeavorpowercorp.com
FORWARD-LOOKING STATEMENTS
This release includes forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. All
statements regarding our expected future financial position,
results of operations, cash flows, financing plans, business
strategy, products and services, competitive positions, growth
opportunities, plans and objectives of management for future
operations, including statements that include words such as
"anticipate," "if," "believe," "plan," "estimate," "expect,"
"intend," "may," "could," "should," "will," and other similar
expressions are forward-looking statements. All forward-looking
statements involve risks, uncertainties and contingencies, many of
which are beyond our control, which may cause actual results,
performance, or achievements to differ materially from anticipated
results, performance, or achievements. Factors that may cause
actual results to differ materially from those in the
forward-looking statements include those set forth in our reports
filed with the SEC. We are under no obligation to (and expressly
disclaim any such obligation to) update or alter our
forward-looking statements, whether as a result of new information,
future events or otherwise.
Contact:
Media:
Endeavor Power Corporation
Kyle W. Withrow
kylew@endeavorpower.com
or
Investors:
Capital Group Communications
Mark Bernhard, 415-332-7200
mark@capitalgc.com
SOURCE Endeavor Power Corporation